In emergency situations cash title loans can sometimes be the best way to get quick cash. Because the loan is secured using your auto title, you can get cash in hand in 48 hours or less. Cash title loans also have the added advantage of lower interest rates as compared to unsecured subprime loans.
Certification of ownership of a vehicle is called an auto title. This document, also known as a pink slip, is issued by the Department of Motor Vehicles. It is very valuable and should be kept in a safe place, such as a safety deposit box.
The auto title usually contains the following information about the current owner and the vehicle:
- Name of owner
- Address of owner
- Vehicle make and model
- The Vehicle Identification Number (VIN#)
- The date it was first sold
- Mileage recorded on the date of the last sale
- Whether the car was salvaged
When you transfer ownership of your car, you will sign over the pink slip to the new owner. The vehicle is then taken to the DMV by the new owner, where a new title is issued in his or her name.
Auto equity loans or auto title loans are secured loans that allow consumers to use their pink slip as collateral to borrow cash. Lenders who approve cash title loans will require that you hand over your title as well as other documentation during the application process. When you have repaid the cash loan, the title will be returned to you.
Wilshire Consumer Credit (WCC) is a reputable lender that offers auto title loans. New Mexico borrowers recommend WCC for high-limit and quick cash title loans.
Fill in the form online or call the office and get approval within a few minutes! With their quick turnaround, you could have your cash in less than 48 hours!